are prohibited permanently from engaging in investor relations activities.

In a settlement agreement with the BCSC, the named parties admitted that Bank Gutenberg breached BC securities laws by holding itself out (through its website) as being in the business of trading and advising in securities, and by engaging in trading in TSX Venture Exchange-listed securities on behalf of British Columbia residents without being registered to do so. Gutenberg Management personnel were involved in some of this activity. Gutenberg Management and Bank Gutenberg were owned by Gutenberg Group.

The ASC panel found that by operating partly through a website "Bank Gutenberg exposed Alberta investors and the Alberta capital market to risks similar to those admitted in British Columbia. We therefore conclude that reciprocating the BCSC Order will serve the public interest in Alberta."

The ASC is the regulatory agency responsible for administering the province's securities laws. It is entrusted with fostering a fair and efficient capital market in Alberta and with protecting investors. As a member of the Canadian Securities Administrators, the ASC works to improve, coordinate and harmonize the regulation of Canada's capital markets.